Bitcoin remains close to $91,000 while investors anticipate Trump’s tariff decision: Asia Morning Update

Asia Morning Market Update

Start your day with the Asia Morning Briefing, offering a concise roundup of key overnight developments in the U.S. and a snapshot of current market trends and expert insights.

During Asian trading hours, bitcoin hovered near $91,000, showing little movement as investors await the U.S. Supreme Court’s decision regarding President Donald Trump’s tariffs, expected on January 10 (U.S. time).

On Polymarket, participants are pricing in only a 24% probability that the Supreme Court will fully endorse Trump’s use of emergency powers under the International Emergency Economic Powers Act to enforce tariffs.

This decision is significant for bitcoin and the broader crypto market, as previous tariff-related events have not followed typical macroeconomic patterns. According to CoinDesk Indices, the Q1 2025 “Tariff Tantrum” was characterized by sharp, short-lived declines triggered by forced liquidations, reduced leverage, and momentum-driven selling, rather than widespread exits from digital assets. Research indicates that trend-following strategies—buying on upward moves and selling on declines—helped manage risk effectively during this period, even as long-term investors remained engaged.

Should the Supreme Court restrict or avoid ruling on Trump’s tariff powers, analysts such as Jose Torres, economist at Interactive Brokers, caution that fiscal uncertainty could intensify.

“If the court blocks the tariffs, the administration will likely seek alternative solutions,” Torres told CNBC. “President Trump is determined to advance his agenda, even if it means navigating potential controversies.”

This scenario could lead to higher long-term U.S. yields and tighter global liquidity—conditions that have historically weighed on cryptocurrencies, which are sensitive to rapid shifts in both areas.

The main concern is not the removal of tariffs, but rather that a limited ruling may force the administration to adopt slower, narrower, and more legally contested trade measures, prolonging market uncertainty instead of resolving it.

Nonetheless, CoinDesk Indices research suggests that once markets adjust to ongoing uncertainty, bitcoin often stabilizes more quickly than equities, with correlations between the two weakening as policy ambiguity persists.

Currently, Asian bitcoin traders—who stand to benefit most from a clear end to Trump’s tariffs—are less preoccupied with the outcome itself and more interested in how long the uncertainty will last after the Supreme Court’s decision.

Market Snapshot

• Bitcoin (BTC): Trading remained steady near $91,000, with minor hourly gains but a slight decline over the previous 24 hours.
• Ether (ETH): Ether hovered around $3,100, down over 2% in the past day, despite gains earlier in the week.
• Gold: HSBC projects gold could reach $5,050 per ounce in early 2026 due to geopolitical tensions and rising debt, but warns of increased volatility and a possible correction later if risks subside or the Federal Reserve adopts a more hawkish stance.
• Nikkei 225: Japan’s Nikkei 225 index advanced 0.54% as investors await China’s December inflation figures, anticipated to show a 0.8% year-on-year increase.

Other Crypto Headlines

• Donald Trump has stated he will not pardon Sam Bankman-Fried.
• Bank of America has upgraded Coinbase to a 'Buy' rating, citing optimism over its Base platform and the positive impact of tokenization.